Are you a homeowner? Here are some of the tax deductions you might qualify for this tax season.

As homeowners gear up to file their taxes this year, many are likely wondering about the deductions they can claim and whether it’s beneficial to itemize or stick with the standard deduction. The decision will ultimately depend on various factors unique to each individual’s situation.

According to Kate Wood, a lending expert from NerdWallet, the deductions available to homeowners are relatively consistent with previous years, with some changes following the passage of the new tax law. The IRS will begin accepting tax returns on Jan. 26, giving homeowners ample time to gather their documents and prepare for filing.

One of the primary tax breaks for homeowners is the mortgage interest deduction. While fewer taxpayers have been claiming this deduction since the Tax Cuts and Jobs Act nearly doubled the standard deduction, it remains an option for those who choose to itemize their expenses. The standard deduction for 2025 is $15,750 for single filers and $31,500 for married couples filing jointly.

In addition to the mortgage interest deduction, homeowners may also be able to deduct interest from home equity loans or lines of credit used for qualifying home improvements. Other common deductions include home office expenses for self-employed individuals, as well as medically necessary home improvements.

This year, two significant changes affect homeowners. The first is the expansion of the state and local tax (SALT) deduction cap from $10,000 to $40,000. This change allows taxpayers to deduct up to $40,000 in combined property taxes and state or local income taxes. The second change is the elimination of energy-focused home improvement tax credits, which were phased out at the end of 2025.

To qualify for the energy-focused tax credits this tax season, homeowners must have completed their energy upgrades by the end of 2025. Overall, the decision to itemize or take the standard deduction will depend on factors such as the amount of mortgage debt, property taxes, and other expenses incurred throughout the year.

In conclusion, it’s essential for homeowners to stay informed about the deductions available to them and to carefully consider their options when filing their taxes. By understanding the tax breaks and changes that may affect them, homeowners can make informed decisions to maximize their savings.